FG Set To Reverse All Jonathan’s Policies, Over Latest Report  

By Joshua Amaugo October 28, 2016 16:34

FG Set To Reverse All Jonathan’s Policies, Over Latest Report  

President Muhammadu Buhari, might be left with no option, but to reverse former President, Goodluck Jonathan’s power privatization policy, as many Experts, including the President, Chief Executive Officer, Dangote Group, Aliko Dangote, have advocated for an immediate reversal.

The development is coming at a time, distribution companies have written to the Nigerian Electricity Regulatory Commission, NERC, demanding an increase of 200 hike in electricity tariff, despite the initial increase of 45 percent, in February this year.

According to some Experts, despite the initial assurance that the increment will lead to better service delivery, recent happenings in the power sector, have proved otherwise.

Although NERC, has denied any immediate planned increment, Dangote had while decrying the rot in the system, at the Senior Executive course 38, held at the National Institute of Policy and Strategic Studies, NIPSS, Kuru, in Plateau State, disclosed that the power sector privatization process was wrongly done, while demanding for an immediate reversal of the various companies licenses.

Based on his submission, the problem of the power sector has persisted, despite its privatization process, due to the fact that the buyers lack proper understanding of the complexities of the sector.

He said, due to the lack of understanding of the sector, the generating and distribution companies are now holding the country to ransom.

Pushed further, he disclosed that the core mistake was when investors bought the power infrastructure from government, of which they borrowed 90 percent of the money in foreign currency, while their base income was in naira. He said this was a huge exchange risk, which has led to the problems being faced today.

The Africa’s richest man, however, pointed out that unless President Buhari quickly decides on taking back the assets and giving them to people who have the capacity to inject money, the country may not be able to deliver on power, in the long term.